December 10, 2018 / 4:02 PM / 7 months ago

W. Africa Crude-Unsold Angolan cargoes whittled down, Nigerian still struggling for buyers

LONDON, Dec 10 (Reuters) - A few Angolan crude cargoes changed hands on Monday, but not enough to help raise differentials, while prices for Nigerian cargoes held steady as the market struggled with a large overhang of unsold oil.


* Around 10 January cargoes are still left for sale, including Pazflor, Saturno and Cabinda, compared with a dozen estimated on Friday, but this was seen as an unusually large number, given that the February loading programmes are due out late this week, or possibly early next week.


* Offers for January-loading Qua Iboe held around $1.65 a barrel above dated Brent, although this was perceived to be still too expensive to attract much interest, traders said.

* Traders estimated late last week that the surplus of unsold cargoes for December and early January was close to 30.


* Nigeria’s oil minister expects a final investment decision (FID) on its Bonga Southwest offshore oilfield by February next year, he said on Friday, on the sidelines of an OPEC meeting.

The project, one of the country’s largest with an expected production of 180,000 barrels per day, will generate profit at below $50 a barrel, according to Royal Dutch Shell RDSa.AS which operates the field.

* China’s imports of crude oil last month rose 8.5 percent compared with the same month a year ago to 10.43 million barrels per day (bpd), marking the first time China imported more than 10 million bpd. October’s imports were 9.61 million bpd. (Reporting by Amanda Cooper; Editing by Gareth Jones) ))

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